$BTC Yesterday, BTC surged to 65,780 and ETH touched 1,909. In the short term, the rebound repaired the market conditions. However, the momentum for bulls continued to exhaust. When the price reached the one-hour Bollinger upper band, it faced pressure and turned back. It then successively broke below the Bollinger middle band support, with the trend reverting to weakness. BTC’s low probed 63,666, while ETH pulled back to the 1,846 low. Afterwards, there was a small range-bound consolidation at lower levels with a minor recovery. The current rebound strength is weak and is merely a small pullback after a drop. At present, the bearish trend has not changed.

Friday settlement
BTC long from 64,955, closed at 65,433, taking 478 points
ETH long from 1,867, closed at 1,904, taking 37 points BTC short from 65,609, closed at 65,086, taking 523 points
BTC short from 64,976, closed at 63,800, taking 1,176 points
BTC short from 65,561, closed at 65,057, taking 504 points
BTC short from 64,977, closed at 64,290, taking 687 points
ETH short from 1,885, closed at 1,868, taking 17 points ETH short from 1,891, closed at 1,868, taking 23 points

At the moment, BTC and ETH have only made a temporary small rebound at low levels. This is just a technical pause after the big selloff and does not mean a reversal. On the one-hour timeframe, price remains steadily below the Bollinger middle band. The overhead pressure range is clear. In every rebound, the bulls’ follow-through remains poor and volume can’t keep up. Going forward, the overall outlook stays bearish; short-term rebounds are opportunities to set up high shorts. As long as the rebound can’t hold and stand above the middle band pressure, the bearish trend will continue. The market will most likely test the previous lows again, or even break down further. Don’t blindly bottom-fish or chase longs; wait patiently for the rebound to face resistance before entering.

Saturday morning outlook

BTC around 64,500, seek 63,000 target

ETH short around 1,870, target 1,800